HomeLive CommentsChina trade surplus shrank to $4.1B in Feb, US imports tumbled -35%...

China trade surplus shrank to $4.1B in Feb, US imports tumbled -35% yoy ytd

China’s February trade balance data is rather terrible. Trade surplus shrank sharply to USD 4.1B, well below expectation of USD 27.2B. That’s primarily due to steep contraction in exports by -20.7% yoy, largest decline since February 2016. The data could be distorted by the timing of the New Year. But January and February combined, exports still dropped -4.6% yoy while imports dropped -3.1% yoy.

Looking at some January and February combined details, trade with the US continued to deteriorate drastically . Total trade with US dropped -19.9% yoy, exports dropped -14.1% yoy but imports dropped -35.1% yoy. Trade with EU wasn’t too bad, still recorded 3.7% yoy growth in total trade, 2.4% yoy rise in exports and 5.7% rise in imports. One interesting point to note is that imports from Brazil jumped 33.5% yoy while imports from Canada rose 34.9% yoy.

Here are some details.

In USD terms, in Feb:

  • Total trade dropped -13.8% yoy to USD 266.3B
  • Expects dropped -20.7% yoy to USD 135.2B
  • Imports dropped -5.2% yoy to USD 131.1B
  • Trade surplus was at USD 4.1B

In USD terms, YTD:

  • Total trade dropped -3.9% yoy to USD 662.7B.
  • Exports dropped -4.6% yoy to USD 353.2B
  • Imports dropped -3.1% yoy to USD 309.5B
  • Trade surplus was at USD 43.7B

With US, YTD:

  • Total trade dropped -19.9% yoy to USD 76.5B
  • Exports dropped -14.1% yoy to USD 59.3B.
  • Imports dropped -35.1% yoy to USD 17.2B.
  • Trade surplus was at USD 42.1B

With EU, YTD:

  • Total trade rose 3.7% yoy to USD 107.5B
  • Exports rose 2.4% yoy to USD 64.7B
  • Imports rose 5.8% yoy to USD 42.8B.
  • Trade surplus was at USD 21.9B.

With AU,YTD:

  • Total trade rose 4.6% yoy to USD 24.8B.
  • Exports rose 3.3% yoy to USD 7.0B.
  • Imports rose 5.1% yoy to USD 17.8B.
  • Trade deficit was at USD 10.8B.

Link to Chinese customs data

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